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Anglo American (Baa2/BBB): Strategy Update

BASIC INDUSTRIES

Same fate for the SA assets as BHP had proposed. Equity investors will welcome the action on Woodsmith but some may feel it doesn’t go far enough. It remains to be seen if investors see enough here, who may still push for engagement. Spreads may price out the takeover a little but there is more to go in the story, we don’t expect a big move on this.


  • Strategy update released by Anglo as their defence against BHP.
  • De Beers, Amplats and Steelmaking coal to be demerged or divested.
  • Exploring options for Nickel.
  • Slowing investment in Woodsmith (fertiliser) with no capex in 2026.
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